USDJPY, H4
US Markit reported its flash services PMI stumbled to 51.2 in May after increasing to 52.8 in April from 51.3 in March. The index has been correcting from the February drop to 49.7, but this slowing in activity is a bit of a disappointment. It was 56.2 a year ago. Employment slid to 51.8 from 53.1 from 54.0 in March, and is the lowest print since December 2014. Prices charged did rise, however, to the highest since November 2015. The flash composite index dropped to 50.8 from last month’s 52.4 and compares to 51.3 in March. The employment component softened to 51.7 from 52.6, and is the lowest since April 2014. But as with the services index, the price component rose and hit its highest since July 2015. USDJPY has peaked at 110.41, within sight of Friday’s 110.61three-week high. Support has come from a second session of risk-on conditions, with Wall Street set to add to Tuesday’s sharp gains. Improved odds for a June Fed rate hike has been dollar friendly more broadly, even with these softer than expected Markit numbers.
Janne Muta
Chief Market Analyst
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